Government Notices

Trump Can Be Sued Over Condo Project

Date Published: Thursday, August 4th, 2011

Federal Judge Steven Merryday of Florida has ruled that Trump and the Trump Organization qualified as either developers or agents, not just a licensor of the Trump Tower Tampa, which allows investors to sue them under the Interstate Land Sales Full Disclosure Act.

Lead plaintiff Steve Aaron claimed that Trump represented himself as a developer and investor of the luxury condominium project when he was actually only licensing his name to a local developer and invested no money in the projects. Aaron and the other plaintiffs said they would not have purchases units if they had known it was not a Trump development. They discovered Trump was only licensing his name after Trump sued SimDag –RoBEL, a third party developer, for allegedly breaching the licensing agreement, CourtHouse News reports.

Judge Merryday wrote in his ruling that “The defendants not only acted on behalf of SimDag in promoting the sale of the units, but the defendants distributed marketing material that portrayed the Trump Tower Tampa as an ‘exclusive,’ Trump development, i.e., one of ‘the finest properties from the biggest name in real estate…’ Under the language of the ILSFDA, the defendants undoubtedly qualify as either a ‘developer’ or an ‘agent.'”

Merryday could not determine how much importance investors placed on Trump’s supposed partnership in the project, so he would not grant summary judgment on if the agreement qualified as an omission of a material fact, under the ILSFDA. “Whether under the circumstances (including the property report, purchase agreement, condominium disclosures, and other disclaimers) a ‘reasonable likelihood’ exists that the omitted or untrue fact ‘would have assumed actual significance in the deliberations of the reasonable investor’ remains a genuine issue of material fact,” Merryday wrote.

This entry was posted on Thursday, August 4th, 2011 at 7:35 pm and is filed under Fraud Lawsuits.

Trump Can Be Sued Over Condo Project

Date Published: Thursday, August 4th, 2011

Federal Judge Steven Merryday of Florida has ruled that Trump and the Trump Organization qualified as either developers or agents, not just a licensor of the Trump Tower Tampa, which allows investors to sue them under the Interstate Land Sales Full Disclosure Act.

Lead plaintiff Steve Aaron claimed that Trump represented himself as a developer and investor of the luxury condominium project when he was actually only licensing his name to a local developer and invested no money in the projects. Aaron and the other plaintiffs said they would not have purchases units if they had known it was not a Trump development. They discovered Trump was only licensing his name after Trump sued SimDag –RoBEL, a third party developer, for allegedly breaching the licensing agreement, CourtHouse News reports.

Judge Merryday wrote in his ruling that “The defendants not only acted on behalf of SimDag in promoting the sale of the units, but the defendants distributed marketing material that portrayed the Trump Tower Tampa as an ‘exclusive,’ Trump development, i.e., one of ‘the finest properties from the biggest name in real estate…’ Under the language of the ILSFDA, the defendants undoubtedly qualify as either a ‘developer’ or an ‘agent.'”

Merryday could not determine how much importance investors placed on Trump’s supposed partnership in the project, so he would not grant summary judgment on if the agreement qualified as an omission of a material fact, under the ILSFDA. “Whether under the circumstances (including the property report, purchase agreement, condominium disclosures, and other disclaimers) a ‘reasonable likelihood’ exists that the omitted or untrue fact ‘would have assumed actual significance in the deliberations of the reasonable investor’ remains a genuine issue of material fact,” Merryday wrote.

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